Strategy’s Michael Saylor, the world’s largest public holder of Bitcoin, sold a record amount of its permanent preferred stock, Stretch (STRC), on Monday after amending its sales rules.
According to STRC.live, the strategist bought 1,420 Bitcoin (BTC) a day after selling about 2.4 million shares of STRC through its over-the-counter (ATM) program. According to a Monday X post from STRC.live, this amount is the largest estimated daily release of STRC and BTC purchases, surpassing the previous record of 1,069 BTC.
Strategy on Monday announced a major rule change to its over-the-counter (ATM) sales program that would allow a second agent to sell securities before the U.S. market opens and after it closes, easing a previous restriction limiting such sales to one agent per trading day.
STRC is one of the main pillars of Bitcoin Buying Strategy
STRC is Strategy’s permanent preferred stock, which will launch in July 2025 as one of several securities the company uses to fund its Bitcoin treasury strategy, along with other ATM programs such as Stride (STRD), Strife (STRF), Strike (STRK), and common stock (MSTR). The strategy says the stock pays a variable cash dividend monthly, with March’s annual rate set at 11.5%.
Some market watchers said the updated sales structure could make it easier for Strategy to issue shares during pre-market and after-hours trading, potentially accelerating future capital gains related to Bitcoin purchases.
“More capital will be raised and more bitcoins will be bought,” said market watcher Ragnar.
According to STRC.live, last week’s estimates suggested that STRC’s earnings would fund weekly purchases of around 4,300 BTC ($303 million). However, the actual purchase exceeded expectations, as Strategy reported selling about $378 million in STRC in its filing with the SEC on Monday.
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The company announced a massive $1.3 billion BTC purchase, one of the largest Bitcoin purchases on record. MSTR’s common stock accounted for the largest increase in reported sales, bringing in nearly $900 million.
STRC’s results highlight the rapid acceleration of investor interest, despite the Bitcoin price trading below the Strategy’s reported average value of $75,862.
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